Andante Apartments in Ahwatukee sold for $145.25M

Real Estate | 13 Jan |

In the largest multifamily sale in over two years, the Andante Apartments in Ahwatukee were sold for $145.25 million, or $252,170 per unit. According to the commercial real estate tracking website Vizzda.com, the last multifamily transaction this large was the $142 million sale of the Vaseo Apartment Homes in north Phoenix in 2018.

Andante Apartments are located at 15801 S. 48th St., near the Loop 202 interchange with I-10 in Phoenix. San Diego-based MG Properties purchased the complex from Security Properties. MG Properties now has nine apartment complexes in its Phoenix portfolio.

The complex features 576 units in 32, 3-story buildings that total 509,928 square feet. The complex was built in 2001 and features gated entries, three pools, garage access and covered parking.

The facility was last sold for $85.25 million in 2017 and underwent renovations during the past four years.

The transaction was made possible thanks to financing from CBRE Capital Markets, which financed $99.5 million in new Fannie Mae debt.

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